Robotics - Northern Europe

Northern Europe

Revenue in the Robotics market is projected to reach US$1.37bn in 2024.
Service robotics dominates the market with a projected market volume of US$0.76bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.92%, resulting in a market volume of US$2.30bn by 2029.
In global comparison, most revenue will be generated in the United States (US$9,421.00m in 2024).

Key regions: United States, China, South Korea, Japan, Germany

Definition:

The Robotics market refers to the industry that encompasses the design, development, manufacturing, and deployment of robotic systems and technologies. It involves the creation of machines that perform tasks autonomously or with minimal human intervention. These machines, also known as robots, mimic human actions and/or perform specialized functions in various sectors. These sectors include manufacturing, healthcare, agriculture, logistics, defense, and entertainment.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure:

The Robotics market shows the market size of robotics in industrial and service use cases. In Industrial Robotics, there are six distinct markets:

The Automotive Industry Robotics market
The Chemical Industry Robotics market
The Electric/Electronic Industry Robotics market
The Food Industry Robotics market
The Metal Industry Robotics market
The Other Industry Robotics market

Service Robotics is further split into:

The Commercial Service Robotics market, which contains the Agriculture, Logistics, Medical and Other Service Robotics markets
The Consumer Service Robotics market, which contains the Domestic and Entertainment Robotics markets

Additional information:

Data includes revenues, volume, and the average price per newly installed robot. It also examines the level of automation, the share of collaborative robots, and investment in robotics, as well as a list of the key players in the market and their consolidated revenues. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Industrial Robotics does not include software revenues, as industrial robots are mostly used with specific software solutions that belong to the company that deploys them. For Service Robotics, software revenues are considered, as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Kuka, ABB, Boston Dynamics, and Yaskawa Electric Corporation.

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Analyst Opinion

The Robotics Market in Northern Europe is facing a negligible decline in growth rate, influenced by factors such as slow adoption of digital technologies, lack of awareness among consumers, and limited convenience in online services. This trend is seen in both Industrial and Service robotics sub-markets.

Customer preferences: As the demand for automation and efficiency continues to rise, consumers in Northern Europe are increasingly turning to robotics solutions for household and industrial tasks. This trend is driven by a cultural emphasis on technology and innovation, as well as an aging population that values convenience and independence. Additionally, the rise of e-commerce and online shopping has led to a greater demand for automated warehouse and logistics solutions, further fueling the growth of the Robotics Market market in the region.

Trends in the market: In Northern Europe, the Robotics Market is experiencing a surge in demand for collaborative robots, also known as cobots, which are designed to work safely alongside humans. This trend is driven by the need for flexible and efficient manufacturing processes and is expected to continue in the coming years. Additionally, there is a growing focus on the use of artificial intelligence and machine learning in robotics, enabling robots to perform more complex tasks and adapt to changing environments. These developments have significant implications for industry stakeholders, as they offer opportunities for increased productivity and cost savings, while also raising questions about the potential impact on jobs and the need for upskilling in the workforce.

Local special circumstances: In Northern Europe, the Robotics Market is driven by the region's strong emphasis on automation and technology. The presence of major players such as ABB and Kuka has also contributed to the growth of the market. Additionally, the region's strict regulations and high labor costs have led to a greater adoption of robotics in industries such as manufacturing and healthcare. The cultural value placed on efficiency and innovation has further fueled the demand for robotics in Northern Europe.

Underlying macroeconomic factors: The Robotics Market in Northern Europe is largely influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and strong investments in robotics and automation are experiencing rapid market growth, as these technologies are being utilized across various industries. Additionally, the increasing demand for efficient and cost-effective solutions in manufacturing and healthcare sectors is driving the growth of the robotics market in Northern Europe. The region's strong economic health and stable fiscal policies also play a significant role in supporting the growth of the market.

Methodology

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.